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Latin America Update

22nd November, 2010

Brazil Q3 growth to disappoint

After surprising on the upside in Q2, Brazilian GDP growth appears to have slowed to a paltry 0.3% q/q
in the third quarter. The good news is that growth looks likely to accelerate once again in Q4, meaning
that the economy will enter 2011 with plenty of momentum. The bad news is that growth is becoming
increasingly unbalanced.

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